The overall coin market has yet again shown another day of stability with the market capitalization retained in the $210-$220 billion window ($211 billion today). The currencies also haven’t shown significant surges or plunges apart from little signs reds here and there. The hot favorites of the market BCH and XRP have also shown comparatively major reds. According to the infographics of coin360,
The coin market has shown signs of great stability for the past month, the currencies have not lost any significant value. The market is moving towards the part where people have started calling the currencies more as a store of value compared to an investment. More stablecoins are sliding into the market and so are fiat coins. The introduction of these currencies have increased the liquidity in the market and hence, have promoted the elimination of volatility.
The market cap of individual currencies are increasing by day and the overall market capitalization is slowly rising. There has recently been a battle between XRP and ETH and they switched places once or twice in the rankings based on the market capitalizations. On this, Mati Greenspan, the senior market analyst at eToro shared his views talking to BlockPublisher saying that,
Market cap is a flawed metric for evaluating cryptoassets.
This might be of surprise to many because it is the metric based on which the currencies are being ranked on coinmarketcap for a long time.
Agreeing to the fact that there can be better metrics to evaluate cryptocurrencies, Thomas Power also seconded the stance of Mati Greenspan saying that a better unit would be trading volume. Which also makes sense, as it is the only unit which specifies the crypto adoption and also the addition to the market capitalization. Although the crypto market has stabilized its valuation between the aforementioned window, it is needed that the market capitalization of the overall market increases so that the volatility would decease proportionally, as the analysts say that at such a small market cap, the volatility is inevitable, it is a blessing that the market is stable.